IRS Tax Deadline 2024: File Electronically, Pay or request an Extension

IRS Tax Deadline 2024: Don’t miss out! The deadline to file your 2023 tax return with the IRS is approaching on April 15th, 2024. This blog post will guide you through your options to ensure a smooth tax season.

With the tax deadline looming on April 15th (April 17th for residents of Maine and Massachusetts), the IRS is urging taxpayers to file electronically and choose direct deposit to receive their refunds swiftly.

Benefits of E-filing Tax Return with IRS

• Reduced Errors: Tax software performs calculations, flags inconsistencies, and prompts you for missing information, minimizing errors on your return.
• Faster Refunds: Most people qualify for free e-filing, and with direct deposit, refunds are issued within 21 days.
• Convenience: E-filing is accessible and can be done from the comfort of your home.

Free E-filing Options- How to File Taxes Electronically for Free in 2024

• IRS Free File: If your Adjusted Gross Income (AGI) in 2023 was $79,000 or less, you can utilize free IRS Free File guided tax software until October 15th. Additionally, IRS Free Fillable Forms are perpetually available for taxpayers of all income levels who prefer to complete the forms themselves electronically.
• IRS Direct File (Pilot Program): Residents of the 12 participating states can explore IRS Direct File to electronically file their 2023 federal tax returns directly with the IRS for free.
• VITA & TCE Programs: These programs offer free tax preparation to eligible individuals through partnerships with IRS-certified volunteers in local communities.
• MilTax: Active military personnel and some veterans can leverage MilTax, a Department of Defense program, for free tax return preparation and electronic filing of federal and up to three state income tax returns.

Track Your IRS Tax Refund Status

The Where’s My Refund? tool allows you to check your refund status within 24 hours after e-filing your 2023 tax return (or 3-4 days for 2021/2022 returns and 4 weeks for mailed returns). You’ll need your Social Security number, filing status, and exact refund amount. The tool is also accessible through the IRS2Go mobile app for iPhone and Android devices.

🚀 Also Read : IRS Tax Refunds: Know When and How to Claim Your Credit or Refund

Tax Payment Options- How to Pay IRS Taxes 2024

If you owe taxes, avoid penalties and interest by filing your return and paying the balance due by April 15th (April 17th for Maine and Massachusetts). The IRS offers various payment options:

• Direct Pay: Free, immediate payment from your checking or savings account.
• Debit/Credit Card or Digital Wallet: Convenient payment with processing fees paid to the processor (not the IRS).
• EFTPS: Free online or phone service for secure individual and business tax payments.
• Electronic Funds Withdrawal: Pay electronically from your bank account when using tax preparation software or a tax professional.
• Check or Money Order: Payable to “United States Treasury.”
• Cash: Involves a four-step process. Details available at IRS.gov/paywithcash.

Payment Plans for Those Unable to Pay in Full

If you cannot pay your taxes by the deadline, consider:

• Online Payment Plan: Apply for an immediate online response for short-term (up to 180 days) or long-term (up to 72 months) payment plans. While interest and penalties accrue, the failure-to-pay penalty is reduced during the installment agreement.

Tax Filing Extension- If Unable to file by the April 15 deadline?

If unable to file by the deadline, electronically request an automatic extension using IRS Free File by filing Form 4868. Note: This grants an extension to file, not to pay taxes due. Estimate and pay any taxes owed by the deadline to avoid penalties.

Special Rules for Extensions

Taxpayers serving in combat zones, living abroad, or residing in certain disaster areas may qualify for automatic extensions without needing to file Form 4868.

Read More:

• 🚀 Avoid Tax Return Mistakes: Streamline Your Filing and Speed Up Your IRS Refund
• 🚀 Get Ready: Your Essential Tax Documents Checklist Are On Their Way

Get the Latest Financial News, Expert Insights, Trends, and Tips you need to make Informed Decisions about your Business, Taxes, and Investments at edueasify.